Buying a home whether it be your first home or even a second home should be done with prudence and care. You should be looking at homes that you have a shot of getting. Here’s why… In many markets, there is a lack of supply and big demand for housing. This scenario is creating multiple…
Today’s world of mortgages is made up by two sorts of loans government backed loans and government insured loans. Government insured loans are hugely popular. The FHA Loan is the benchmark government loan appealing to many due to its flexible guidelines and lower down payment options. Here is one pitfall you need to know if…
Unlike an auto loan, a lease is a short debt that contain a future pay off. Here is why a lease can hurt your chances of getting a mortgage… Lenders look at the minimum monthly obligations that you pay on your debts. They take those minimum payments and add those to a proposed total mortgage…
Here is what most banks and mortgage companies will not tell you. If you have a bad credit score they don’t want your business. It’s the truth. Every financial institution wants borrowers with good credit, a healthy down payment, a stable job and low manageable debts. The reality is that most people don’t fit the…
The right time to purchase a home is different for every consumer. Following are some reason why you may want to pull the trigger sooner rather than later. In most areas throughout the country over the last 30 years anyone who has bought a home and held it for a 10 year cycle has done financially…
Fannie Mae recently announced changes to its debt-to-income ratio policy, increasing its allowance from 45% to 50% starting on July 29th. Here is what that’s going to mean for mortgage borrowers going forward… A debt-to-income ratio is the benchmark tool lenders use to determine a borrower’s ability to repay. Such things as minimum payments on car…
Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…
Dodd Frank is the financial overhaul that took place a couple of years ago in the aftermath of the financial crisis. The House of Representatives on Thursday, June 18, are advancing a bill known as the Financial Choice Act putting into motion a series of events that may lead to the demise of Dodd Frank.…